High Sale Indicates No Sign Of Market Slowing Down In 2023

Finishing off 2022 with a bang was the last sale of the year for Ray White Maroochydore at ‘Rise’ apartment building on 1002/ 67 Sixth Avenue Maroochydore, purchased for $2,550,000. Sold by one of the top Sunshine Coast real estate agents, Reuben Park from Ray White Maroochydore is no stranger to the sales at Rise, having previously sold multiple apartments in this tightly-held block.

“An increasingly popular destination, Cotton Tree apartments continue to draw buyers to the small beachside precinct, providing positive growth for owners to enjoy great returns. Rise has always proved to be a popular building where owners want to stay in the same spot but upgrade their home… so it’s actually  been the second sale where the buyers have come from within the building” says Reuben.

Marketed as an owner’s dream, this Rise apartment truly does offer it all with a brand new unit, primely positioned on a quiet street with local cafes and a relaxed atmosphere. One of the last developments on the oceanfront in Cotton tree, high up on the tenth floor, views from this sub-penthouse are both uninterrupted and spectacular.

With the sellers having moved one level above to expand into a four bedroom penthouse, and the successful owners moving across the hallway to their new apartment, Reuben explains that this purchase pattern isn’t unusual for owner-occupied apartment living. 

“A lot of seniors who try apartment living for the first time use their first purchase as a stepping stone, and to try out apartment living. After enjoying the lifestyle in Cotton Tree it doesn’t take them long to find out that they want to stay and need to upgrade.This is the second time that someone has bought from within the Rise building, and now the purchases will look to sell their old apartment, so as one door closes another opens” says Reuben.

A hot auction, the sellers enjoyed ‘watching’ the sale from the above level in the comfort of their new penthouse, and the campaign results provided a great gauge of the temperature of the market for interested buyers.

“The campaign yielded some fantastic results with 50+ inspections and five registered bidders, all competing for the last chance to buy a high end apartment on the beachfront in 2022. The auction was a competitive one with all registered bidders actively bidding… and bidding quickly! Sale price moved from early $2 millions up to mid $2 millions, showing interested buyers that the market is still hot, and not to believe everything they read in the media!” says Reuben.

As we enter 2023, buyers are eager to see what the market brings and are anxiously watching sales to understand what trends the Sunshine Coast property market will show.

“2022 showed a big correction in the market with a lot of more capital city markets reporting declines. 2023 will hopefully provide much of the same with limited supply, but still a strong demand. It’s unlikely we’ll see much of a correction in this tightly-held beachside sector.”

“This building has proved popular in the market because it is the last high-rise on the beach front. Although there are developments planned across the Sunshine Coast, with some in Cotton Tree and Maroochydore too, almost every other building has a busy road nearby, whereas Rise offers owners the chance to live centrally without traffic noise. The owners can move into retirement with peace and tranquillity high on their list” says Reuben.

To enquire about the Rise apartment block, or learn more about waterfront apartment living, contact Ray White Maroochydore Real Estate Agent Reuben Park on 0413 371 696.